NOC's quarter was very good despite $11.12 billion revenue slightly missing the $11.14 billion estimate; EPS $7.89 beat $7.18. Record $16.4 billion contracts and $109.6 billion backlog support 14% aviation and 12% defense growth. It raised EPS guidance, reaffirmed 2026 revenue, and cited backlog for long-term strength.

As for Northrop, we actually saw a slight failure of the company to achieve its targeted revenues. Revenue reached $11.12 billion, slightly less than $11.14 billion, depending on which estimate you look at.

Adjusted earnings per share were $7.89. Wall Street expectations were at $7.18. New contracts for this quarter totaled $16.4 billion. This raises the order-to-sales ratio to one and a half times , and the backlog of orders also set a record for this quarter.

The current backlog of orders stands at $109.6 billion.

The aviation systems business saw sales growth of 14% year-on-year. This is due to increased sales of B-2 and B-21 bombers, as well as the production of F-35 aircraft, which are really driving this growth .

Defense systems also increased by about 12% year-on-year.

Looking at their outlook, they raised their adjusted earnings per share guidance for the fiscal year, reaffirmed their revenue guidance for fiscal year 2026, and are confident that the new record order book will provide them with a strong portfolio in the long term.

So, again, there was n't much movement this morning, with the stock up about 0.6%, but I would say mostly , and overall, earnings were very good.